SEABASED
Creation of a Nordic Ocean Renewable Energy Group initiated

The creation of a new Nordic Ocean Renewable Energy Group has been initiated through the forming of Seabased Holding AS, SHAS, in Norway and the subsequent purchase by SHAS of 1 200 001 preferred A-shares in the wave energy company Seabased AB from Leijon Engineering AB, Sweden. The shares acquired by SHAS represents a controlling interest (50,25 % of the voting rights) in Seabased AB, Sweden ( www.seabased.com ).

The new main owner of the Seabased Group, Seabased Holding AS, (SHAS) Norway, has committed to initially invest 10 MUSD in Seabased AB during 2016, out of which 6 MUSD has been designated for the first half year. Furthermore, SHAS will actively work to ensure that Norwegian offshore domain knowledge and skills will be incorporated into the Seabased Group and to bring in the financial resources necessary to acquire suitable companies in the Renewable Ocean Energy sector.

"We are excited to be a part of a growth company in its commercialisation phase based on technology from Uppsala University, and with production facilities in Lysekil, Sweden. The background for this cooperation is a shared vision to develop this company and industry within Scandinavia and securing that the production and development will remain in Lysekil.

In connection with this we are also looking at moving the headquarters of Seabased from Uppsala to Lysekil. Our vision is to build a strong Nordic global energy company building on the foundation laid by the outstanding team of Seabased. We will contribute on the financing side and in working with Norwegian offshore technology to aid the installations and maintenance teams in Sweden." said Øivind Magnussen, the chairman of the board of Seabased Holding AS .

The Board of Seabased AB as well as larger shareholders and the Swedish Energy Agency have received information about the deal structure. After the share transaction, Leijon Engineering AB will maintain ownership of 20.42 % of the capital of Seabased AB, representing 16.21 % of the voting rights. Seabased Holding AS and Leijon Engineering AB will work in close cooperation as the largest shareholders in Seabased AB.

"The future of Seabased now looks very promising with this new constellation. We have worked with the Seabased Holding team since October 2015. We have chosen to move forward with them since we believe this is the right team for the job and we also guarantee the future of Seabased in Lysekil." The CEO and major shareholder of Seabased AB Mats Leijon says.

Subsequent to this press release, the Board of Directors of Seabased AB have the pleasure to announce an Extra General Shareholders Meeting in order to appoint a new Board of Directors and to approve the moving of the Seabased AB head office from Uppsala to Lysekil, Sweden.

The formal call for this meeting will be announced within short notice.

Seabased

Seabased develops and supplies systems for extracting energy from ocean waves and converting it to electricity for the grid. Through innovative and cost effective solutions for renewable electricity generation, Seabased strives to create long-term value for its customers, partners, shareholders, employees and society.

The Company's strategy is to be a provider of complete wave energy park systems, including pre-studies, permits, delivery and installation of all equipment and maintenance services. In addition to the manufacturing base in Lysekil, Sweden, local assembly/production operations can be established should the need arise.

Seabased was founded in 2001, initially as an innovation and patent holding company, closely associated with the research being carried out at the Swedish Centre for Renewable Electric Energy Conversion at the Ångström Laboratory, Uppsala University.